
	Note	December 31, 2023		December 31, 2022

Investments in debt securities mandatorily at FVTPL	9.1	Ps.	1,889	Ps.	1,378
Investments in debt securities at FVOCI	9.2		23,326,776		22,461,805
Investments in debt securities at amortized cost	9.3		9,996,561		9,771,492
Investments in equity securities at FVOCI	9.4		1,117,349		1,476,732
		Ps.	34,442,575	Ps.	33,711,407

Loss impairment
Investments in debt securities at amortized cost	4.1.5	Ps.	(16,882)	Ps.	(36,930)
		Ps.	(16,882)	Ps.	(36,930)
Total investment securities net		Ps.	34,425,693	Ps.	33,674,477

Investments in debt securities at fair value through OCI

The following table includes investments in debt securities at FVOCI as of December 31, 2023 and 2022:

December 31, 2023


Debt securities	Cost		Unrealized Gain		Unrealized Losses			Fair Value	ECL
Securities issued or secured by Colombian Government	Ps.	17,626,642	Ps.	146,608	Ps.	(982,457)	Ps.	16,790,793	Ps.	7,204
Securities issued or secured by other Colombian Government entities		898,373		6,213		(40,798)		863,788		1,183
Securities issued or secured by foreign Governments		2,717,651		6,385		(216,998)		2,507,038		611
Securities issued or secured by central banks		194,480		—		(48,991)		145,489		56
Securities issued or secured by other financial entities		2,159,892		19,370		(36,615)		2,142,647		2,398
Securities issued or secured by non-financial sector entities		215,877		156		(1,462)		214,571		822
Others		704,393		253		(42,196)		662,450		698
Total debt securities at FVOCI	Ps.	24,517,308	Ps.	178,985	Ps.	(1,369,517)	Ps.	23,326,776	Ps.	12,972

December 31, 2022


Debt securities		Cost		Unrealized Gain		Unrealized Losses		Fair Value	ECL
Securities issued or secured by Colombian Government	Ps.	17,891,099	Ps.	15,293	Ps.	(2,353,520)	Ps.	15,552,872	Ps.	6,845
Securities issued or secured by other Colombian Government entities		885,106		28		(95,886)		789,248		1,059
Securities issued or secured by foreign Governments		3,734,594		17,215		(355,354)		3,396,455		1,210
Securities issued or secured by central banks		242,047		—		(47,949)		194,098		27
Securities issued or secured by other financial entities		1,718,512		304		(95,912)		1,622,904		2,316
Securities issued or secured by non-financial sector entities		57,252		—		(3,445)		53,807		257
Others		919,107		16,817		(83,503)		852,421		972
Total debt securities at FVOCI	Ps.	25,447,717	Ps.	49,657	Ps.	(3,035,569)	Ps.	22,461,805	Ps.	12,686

Investments in debt securities at amortized cost


Debt securities	December 31, 2023		December 31, 2022
Securities issued or secured by Colombian Government	Ps.	2,567,463	Ps.	2,299,618
Securities issued or secured by other Colombian Government entities		5,112,355		4,509,839
Securities issued or secured by foreign Governments		26,515		33,453
Securities issued or secured by other financial entities		2,082,993		2,618,656
Securities issued or secured by non-financial sector entities		143,410		237,537
Others		63,825		72,389
Total debt securities at amortized cost	Ps.	9,996,561	Ps.	9,771,492

Investment in debt at amortized cost securities pledged as collateral


	December 31,		December 31,
	2023		2022
Pledged as collateral in money market operations
Securities issued or secured by other Colombian Government entities	Ps.	1,667,922	Ps.	118,536
Securities issued or secured by Colombian Government		489,631		—
Securities issued or secured by other financial entities		—		25,449
Securities issued or secured by non-financial sector entities		118,364		236,212
	Ps.	2,275,917	Ps.	380,197
*Pledged as collateral to special entities such as CRCC, BR and BVC ()**
Securities issued or secured by Colombian Government	Ps.	539,339	Ps.	—
Securities issued or secured by other Colombian Government entities		393,634		999,561
	Ps.	932,973	Ps.	999,561
	Ps.	3,208,890	Ps.	1,379,758

^(*) Cámara de Riesgo Central de Contraparte (“CRCC”), Banco de la República (“BR”) and Bolsa de Valores de Colombia (“BVC”)

Disclosure of equity securities at fair value through OCI


Entity ^(*)	December 31, 2023		December 31, 2022
Empresa de Energía de Bogotá S.A. E.S.P.	Ps.	903,068	Ps.	799,928
BAC Holding International Corp⁽¹⁾		—		519,964
Mineros S.A.		43,765		44,123
Port operating companies		58,355		36,010
Bolsa de Valores de Colombia S.A.⁽²⁾		—		26,920
Holding Bursátil Regional S.A.⁽²⁾		45,085		—
Others		67,076		49,787
Total	Ps.	1,117,349	Ps.	1,476,732

^(*) These investments in equity securities have been designated as FVOCI considering that they represent strategic investments for Grupo Aval and therefore, they are not expected to be sold in a foreseeable future.

⁽¹⁾ On March 17, 2023 Banco de Bogotá sold 4.11% of the shares of BAC Holding International Corp’s outstanding ordinary shares.

⁽²⁾ In the frame of the regional integration of the stock exchanges of Chile, Colombia and Peru, on November 14th 2023, a share exchange agreement was signed.